6 Keys to A Successful Joint Venture Relationship

There are six things that you can check out in advance that will solidify a positive JV relationship.

1. The same target audience. A shared target market is a common ground to build services to benefit those clients and form a solid basis for a partnership.

2. At least one of you has to have a good-sized mailing list. There has to be an existing database of potential customers between the two of you so you have a place to start promoting quality products and generate interest and revenues.

3. At least one of you has to have a specialized expertise. Without having something unique as an expert in your industry, there is not much to work with to create valuable content.

4. Each partner must feel they’re getting a better part of the deal. The JV must create a win-win-win (you, your partner and your clients) or the energy will be imbalanced, potentially cause resentment and undermine your efforts.

5. Both partners must be equally passionate, excited and committed to making the joint venture work. Be clear on who is doing what and how long you think it will take; if one partner loses enthusiasm, it could stall, if not fail, the venture. In that case, nobody wins.

6. Be open to the long-term. One successful JV can lead to many more in the future, whether with that partner or someone else. When you find the right combination, continue working together for as long as it makes sense and feels good.